Our View: If a slowdown — not a bust — does come, there is a silver lining

Midland Reporter-Telegram

Published 7:19 pm, Sunday, October 19, 2014

If the latest oil price analysis is correct, our readers can expect a continuation of the oil price drop we experienced recently. We also can expect a slowdown in the economy.

And to this, we just have one thing to say. Do not panic.

We expect calmer heads will prevail, especially in oil headquarters across Midland. As Oil Editor Mella McEwen reported in Friday’s edition, those with strong balance sheets will survive. We expect there are plenty of those around here.

When we say don’t panic, we’re addressing not just the companies, but also government and the community. Maybe our glass is too half-full, but we believe someone has thrown our community a get-out-of-jail card. The possible slowdown just might provide an opportunity for Midland to play catch-up, and anyone who has experienced life in Midland over the last few years, knows that isn’t a bad thing.

Government can do its part when it comes to housing or infrastructure. The slowdown has provided some relief, but only if we make the right decisions. The August Bureau of Labor Statistics report showed nearly 4,000 people coming into the city during the previous 12 months. If we see a drop in that number, what’s the harm? We know that Midland doesn’t have sufficient inventory for the number of people who live here right now. We know our roads and other infrastructure are inadequate for the current population.

For some, the instinct will be to react to the economic conditions and be cautious, probably too cautious. People will wonder why additional projects should be approved if the price of oil drops. In our view, we have been given a gift. This community will continue to grow. So even if there is a slowdown, we should keep our foot on the gas, build the housing that is needed and continue planning for the years ahead.

This community should not take its eye off the ball when it comes to secondary education. There are fixes that need to be made, and a possible slowdown doesn’t change that. We don’t know what any secondary bond plan will look like or when it might be proposed. If it puts Midland in the right position for decades to come, then it should provide for a vigorous debate.

Lastly, we believe a possible slowdown is not a sign of a bust. It would help if oil industry leaders could confirm what it is we are communicating in this space. The residents of Midland, rightfully, trust what business leaders say, first and foremost. It would pay dividends to hear from those leaders so our community doesn’t take a detour from the path we are on today.